What do you think are the top reasons that people attend events?

In a recent survey we conducted; B2B Events & Tradeshows was rated as a critical activity by majority of participants. However, in the same survey, respondents indicated that very few specialized resources are dedicated to this activity even though approximately 15% of the Sales & Marketing budget is allocated to the activity. Given the importance that an events strategy plays to the overall Marketing strategy it got me wondering; How does one get the best return on the investment from an event, what determines Business Value?

Is it gaining new sales leads, finding new suppliers, partners & product alliances? How about learning how to market your product to your target market better than your competitors?

I found that if prospecting is the primary objective from an event, then it may deliver less than desirable results. Events are an expensive way to prospect as the cost per lead figures are invariably on the higher side. Traditionally telemarketing & email marketing and other such marketing activities are better channels to prospect.

We have found that events are an ideal tactic for nurturing our prospects and moving them through the sales cycle. These prospects are typically either our existing customers or prospective customers who have responded to campaigns in the past. They have also expressed some interest in what we are propositioning.

Events and trade shows offer prime opportunities for networking and we have to make an effort to make new contacts and get the word out about our company. The trade show is also a very good source of information on both prospects and competitors. However a significant amount of effort needs to go into determining what concerns they have about their future.